Real Estate Trends – Dover, Massachusetts

Introduction:

Welcome back again for our latest real estate market trend report. For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions. We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward.

Market Trends in Dover, MA – December 2014 and 2015:

The Dover, MA market has fallen off a lot since last year. The average prices were both down substantially while the median prices were down significantly as well. The days on market were up significantly as well. Inventory was up some going from 5 sales in December of 2014 to 8 in December 2015.

Average Listing Prices:

We will first start off by looking at the average listing price. In Dover, MA the average listing price in December 2014 was $1,569,400. This was down to $1,041,500 in December 2015. This gives a massive decrease of 33.64% year over year.

Looking at the median prices we see that they were quite a bit lower in both years especially in 2015. For December of 2014 the median listing price for Dover, MA was $1,499,000 and in December 2015 it was $874,499.50 which now gives an even bigger decrease of 41.66%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices. The average sale price for in Dover, MA in December of 2014 was $1,371,800 and in December 2015 that was down to $1,004,000. That gives a larger 26.81% decrease compared to the average list price.

We see a similar pattern with the median sale prices as we did for the listing prices with both being lower than the averages, though this time 2014 was down a lot more too. For December of 2014 the median sales price for Dover, MA was $1,150,000 and in December 2015 it was $843,500 giving another large decrease of 26.65%, though it is the smallest of the four.

No matter how you look at it prices in Dover, MA are down massively year over year in December. Best result was down over 26% by the average and median sale prices. Usually more weight is given to medians and sales are far more important than listing prices so we will conclude that market is down about 26% rather than the bigger drops in listing prices especially the more than 40 drop in median listing prices.

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a property to sell in the current market. For Dover, MA the average days on market in December of 2014 were 136.20 and the average days on market for December 2015 were 247.25 for a huge 81.53% increase.

Dover, Mass Summary:

The Dover, Massachusetts real estate market is down tremendously since last year. The average prices were way down and median prices were down substantially as well. The days on market were up a very large amount, which further supports the conclusion of a significant decline in the market.

In summary if you are looking to sell a house in Dover, MA now you should expect to get a lot less for it than you would have gotten last year. You should also expect it to take a lot more time to sell compared to last year as well.